US Retailers Joint Venture MCX Closes Mobile Wallet Beta

August 30, 2016

CurrentC, the mobile payment service developed by US merchant alliance MCX, is ending its beta test and postponing future releases, seemingly folding in the face of competition from the likes of Apple Pay.

The beta – which has been taking place in Columbus, Ohio, since last September – will come to an end on Tuesday 28 June. After that date, any gift cards or coupons that users have stored in the mobile wallet will be invalid.

So, is this the end for CurrentC? The announcement posted on the service’s site tells users to ‘stay tuned … as our future plans evolve’, suggesting it might not be done, but the FAQ on the same page acknowledges ‘we have not yet determined the future timing of CurrentC’.

That’s in line with the email obtained by The Consumerist which explicitly states MCX is ‘postponing future releases of CurrentC’. A statement shared with the publication by an MCX spokesperson said only that “we’re looking forward to analyzing and learning from the data we gleaned throughout the beta.”

Despite the support of founding retailers including 7-Eleven, Best Buy, Target and Walmart, CurrentC has failed to get off the ground since the MCX joint venture first came together back in 2012. As Apple Pay continues to sweep the nation – Apple has just announced 30 new bank and credit union partnerships in the US – it looks unlikely that, even if CurrentC does recover from this setback, there will be any room for it in the market.